Dear Trader…
The Nifty future
surged about 123 points or 0.62% to end at 19721 points and Sensex rallied more
than 529 points or 0.80% to settle at 66590.During the day, both indices
touched their respective lifetime highs of 19739 points and 66656 points.
HDFC Bank shares,
which crossed the $100-billion market valuation on Monday, gained 2% to Rs
1,678.90 following its robust set of quarterly numbers. This is the first
quarterly earnings of the merged entity of the bank and parent HDFC Ltd.
Following HDFC Bank’s
footsteps was RIL stock, which hit an over 1-year high amid optimism ahead of
the demerger of the financial services business. Shares of RIL ended 2% higher
at Rs 2,796.70, after hitting an over 52-week high of Rs 2,815.05 during the
day.
Broad-based gains in
banking stocks saw the Nifty Bank surge 1.4% to 45,449.75 points. Axis Bank,
ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, HDFC Bank, and State Bank of
India rose 0.8-2.9%. SBI was the top gainer on Nifty 50 and the stock hit an
over three-month high during the day.Meanwhile, automobile stocks succumbed to
profit booking after a strong rally since last month. Mahindra & Mahindra,
Tata Motors and Hero MotoCorp shares closed 0.7-1.4% lower.
Global Markets –
The strong performance
of Indian equities comes against the backdrop of weak trends in global markets.
Most Asian markets finished lower as China’s lower-than-expected GDP growth for
the June quarter hurt sentiment.China’s economy grew 6.3% from a year ago in
the three months ended June, against expectations of over 7% growth.
Nifty futures opened at 19622.15 points against the previous close
of 19598.85 and opened at a low of 19597.25 points. Nifty Future closed with an
average movement of 141.75 points and a rise of around 122.35 points and 19721.20
points…!!
On the
NSE, the midcap 100 index will rise 0.31% and small cap100 index is rise 0.88%.
At the
start of intra-day trading August gold opened at Rs.59147 fell from a high of
Rs.59269 points to a low of Rs.59101 with a rise of 176 points, a trend of around
Rs.59140 and September Silver opened at Rs.75510, fell from a high of Rs.75825 points
to a low of Rs.75320 with a rise of 620 points, a trend of around Rs.75348.
Meanwhile, Despite the mixed
performance observed in the Asian market due to China’s underwhelming GDP data,
the Indian market exhibited resilience, in anticipation of a bumper Q1 result.Nifty50
Q1 consolidated PAT is projected to grow by more than 20% YoY, which can
upgrade the full-year earnings growth of FY24.Small caps outperformed as comparative
valuations are attractive trading below the long-term average compared to large
and mid-caps.
Technically, the
important key resistances are placed in july Nifty future are at 19721 levels,
which could offer for the market on the higher side. Sustainability above this
zone would signal opens the door for a directional up move with immediate
resistances seen at 19770 – 196880 levels. Immediate support is placed at 19676
– 19606 levels.
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